According to the report published by Grand View Research, encryption software market size is anticipated to grow at healthy CAGR during the forecast period and increased data breaches, commercial espionage, cyber-attacks, and theft & loss in companies, which is expected to drive the demand.

The global encryption software market is expected to reach USD 8.402.9 million by 2024, according to a new study by Grand View Research, Inc. Organization vulnerabilities are on a rise with enterprises working through the disaggregated point solutions and a multitude of management platforms, which is anticipated to drive the encryption software market over the forecast period.

Encryption software enables the protection of confidentiality of the information stored in the database and data in transit as per the compliance and security requirements of any organization. This renders the data unreadable even to the authorized person, thereby enhancing the security of confidential data. Publicized data loss together with new governance and compliance regulations is expected to drive the need for customers to encrypt data. Organizational best practices point towards data encryption as a key solution for data privacy. However, the lack of budget is the key reason cited by organizations for being unable to make extensive investments in encryption solutions and this is presumed to challenge the industry demand.

The BFSI segment is anticipated to witness a healthy demand and penetration as these institutions are aggressively and proactively adopting these software solutions to secure confidential and sensitive information. The segment captured over 25% of the overall revenue share in 2015 and is anticipated to witness growth at a CAGR exceeding 16% from 2016 to 2024.

In 2015, the on-premise deployment segment accounted for over 60% of the market share. The segment is expected to witness a substantial growth over the forecast period. This is ascribed to the growing need to minimize the scope of compliance audits along with avoiding public disclosures after a data breach.

The disk encryption segment is anticipated to experience a growth at a CAGR exceeding over 15% from 2016 to 2024. This healthy growth is accredited to the increasing adoption of the disk coding software to secure desktop and laptops by encrypting all the data at rest on a hard drive.

Europe is estimated to witness a modest growth over the forecast period, which is primarily attributed to the recovering economy resulting in demand across several end-use industries including retail, BFSI, manufacturing, healthcare, and telecom. The IT upgrades in the existing infrastructure are anticipated to spur the product demand over the next eight years.

The industry is fragmented in nature with the presence several new and well-established players. A few notable players in the market include Bloombase, Microsoft Corporation, Symantec Corporation, Intel Security (McAfee), Sophos, Check Point Software Technologies, EMC Corporations, and Cisco Systems, among others. Since the industry is dynamic in nature with enterprises having to deal with several data security issues, companies focus on continuous product development in compliance with regulatory standards and evolving end-user requirements.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.